Oil hits 3-1/2 year high after USA quits Iran deal

External Affairs Ministry Spokesperson Raveesh Kumar said India was was closely monitoring the situation arising out of Trump's announcement to pull the USA out of the Iran deal.

US law gives the Treasury secretary the power to administer sanctions imposed by the president.

The pact, lifted sanctions on Iran in exchange for Tehran limiting its nuclear program.

"They agreed on the need for calm on all sides and on the importance of tackling Iran's destabilising activity in the region", the spokeswoman said.

Indian refiners said on Wednesday they were in no hurry to replace Iranian oil with alternatives, counting on the fact that many Western countries have so far declined to join the United States in pulling out of a nuclear deal with Tehran.

The sanctions will have an impact on other industries too.

Iran is one of the world's largest oil producers, and the export of oil and gas is worth billions of dollars each year.

Oil prices rose sharply in response to the announced measures. Some traders, however, are becoming cautious about ever higher oil prices. According to a Bloomberg report, UBS Group believes that sanctions could reduce oil exports to Iran by half million barrels per day in the upcoming six-month period.

Oil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed United States sanctions against major crude exporter Iran amid an already tightening market. Venezuela's oil output has halved since the early 2000s to just 1.5 million bpd, as the country has failed to invest enough to keep its production and refinery facilities maintained.

"He proposed no new strategy". But since they do not really trade much with Iran anyway, they do not add much to the coalition.

"Given the back and forth between China and the USA on trade, Chinese compliance is probably a nonstarter", said Michael Tran, global energy strategist at RBC Capital Markets.

Boeing said it would consult with the government on what comes next.

U.S. oil prices have gained more than 16% since the start of the year. Some exemptions are due to be negotiated but it is not yet clear what, the BBC reported. He said companies doing business in Iran would not be able to generate new business but would be able to wrap up existing contracts.

After sanctions were eased as part of the nuclear agreement, Iran ramped up production to about 3.8 million barrels a day.

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